* Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.
A balanced portfolio built on the cornerstones of diversification and selectivity
Anchored in senior secured loans, NCDL has built a scaled and diversified portfolio by industry, investment type and portfolio company. Selectivity, diversification and rigorous underwriting are key to our investment philosophy, enabling strong credit performance since inception.
$2.1B
Investment portfolio at fair value1
91%
First-lien term loans2
210
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
First Lien Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Palmetto Acquisitionco, Inc. (Tech24) | 12,844,010 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Impact Advisors, LLC | 12,729,746 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,595,345 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,521,438 | Automotive | First Lien Debt | S + 5.00% |
| ACP Tara Holdings, Inc. | 12,442,810 | Consumer Goods: Non-durable | First Lien Debt | S + 4.50% |
| PLZ Corp (PLZ Aeroscience) | 12,239,565 | Services: Business | Subordinated Debt | S + 7.50% |
| Coding Solutions Acquisition, Inc. | 12,222,184 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,203,536 | Sovereign & Public Finance | First Lien Debt | S + 5.50% |
| Eliassen Group, LLC | 11,874,943 | High Tech Industries | First Lien Debt | S + 5.75% |
| SI Solutions, LLC | 11,856,921 | Environmental Industries | First Lien Debt | S + 4.75% |
| Alta Buyer, LLC (GoEngineer) | 11,347,021 | High Tech Industries | First Lien Debt | S + 5.00% |
| MEI Buyer LLC | 11,288,770 | Construction & Building | First Lien Debt | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 11,200,001 | Services: Business | First Lien Debt | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,857,215 | Automotive | First Lien Debt | S + 5.00% |
| KRIV Acquisition, Inc. (Riveron) | 10,578,153 | Services: Business | First Lien Debt | S + 5.75% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,469,533 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,460,871 | Utilities: Electric | First Lien Debt | S + 5.00% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,439,389 | Transportation: Consumer | First Lien Debt | S + 5.50% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,376,725 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 10,264,504 | Beverage, Food & Tobacco | First Lien Debt | S + 4.00% |
| Transit Buyer, LLC (Propark Mobility) | 10,180,504 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Veterinary Partners LLC | 10,176,414 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Ivex Holdco Inc. (Specialized Packaging Group) | 10,029,850 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 9,991,193 | Services: Consumer | First Lien Debt | S + 5.25% |
| MBS Holdings, Inc. | 9,924,639 | Telecommunications | First Lien Debt | S + 5.75% |
| FirstCall Mechanical Group, LLC | 9,833,690 | Capital Equipment | First Lien Debt | S + 4.75% |
| Excel Fitness Holdings, Inc. | 9,825,000 | Services: Consumer | First Lien Debt | S + 5.25% |
| Tau Buyer, LLC | 9,759,752 | Services: Business | First Lien Debt | S + 4.75% |
| XpressMyself.com LLC (SmartSign) | 9,750,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Wrench Group LLC | 9,712,945 | Services: Consumer | First Lien Debt | S + 4.00% |
1. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2025. As of March 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.19%, and 4.01% respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.